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Europe POCT Device Market is expected to reach USD 11,682.54 billion by 2024 | Major analysis by Siemens AG (Germany), Becton, Dickinson and Company (U.S.), Johnson & Johnson Services Inc. (U.S.), PTS Diagnostics (U.S.)

Europe POCT Device Market is expected to reach USD 11,682.54 billion by 2024

The Europe Point-of-care Testing (POCT) Report analyzes and estimates the general drivers of the market in the form of consumer demand, government policy and demand associated with consumer buying patterns and therefore market growth and development. In addition, the report analyzes common market conditions such as price of the product, profit, capacity, production, supply, demand, and growth rate of the market, giving businesses a hand in deciding multiple strategies. The Europe Point-of-care Testing (POCT) Report conducted SWOT analysis and many other standard steps of data research, analysis and collection.

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Europe POCT Device Market is expected to reach USD 11,682.54 billion by 2024 from USD 6,051.05 billion in 2016, at a CAGR of 8.6% in the forecast to 2024.

Major Players: 

Some of the major players operating in this market are-Abbott Laboratories, Inc. (U.S.), Alere Inc. (U.S.), roche Diagnostics Limited (Switzerland), Siemens AG (Germany), Becton, Dickinson and Company (U.S.), Johnson & Johnson Services Inc. (U.S.), PTS Diagnostics (U.S.), Instrumentation Laboratory (U.S.), Nova Biomedical (U.S.), Beckman Coulter, Inc. (U.S.) and others.

The major factors driving the growth of this market are the rising scope of POCT devices, advancement in technology, increasing incidence of chronic diseases, rising demand for self-testing point-of-care testing devices, decentralized laboratory testing, and technological advancements like microfluidic lab on a chip technology. These factors increase the demand for devices such as blood glucose meter, CRP, HBA1C, Homocystein. On the other hand, high costsare regulatory hurdles that may hinder the growth of the market.

Market Segmentation: Europe POCT Device Market

The Europe POCT device market is segmented on the basis of product type, prescription mode, distribution channel, end user and geography. The Europe POCT device market is segmented into twelve types, namely blood glucose testing kits, cardio metabolic monitoring kits, infectious disease testing kits, cholesterol testing kits, pregnancy and fertility tests kits, tumor/cancer markers, urinalysis testing kits, cholesterol test strips, hematology testing kits, drugs of abuse testing kits, fecal occult testing kits, rapid coagulation testing kits, and others. In 2017, the blood glucose testing kits segment is expected to dominate the market with a share of 26.2% and is expected to continue this trend till 2024.

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  • On the basis of prescription mode, the Europe point-of-care testing market is segmented into prescription based testing and over-the-counter (OTC) testing. The OTC testing is projected to witness higher growth rate of 9.2% during the forecast period to reach a value of USD 4,377.28 billion by 2024.
  • On the basis of distribution channel, the Europe point-of-care testing market is segmented into direct tenders and retail. In 2017, the direct tender market is expected to dominate the market with a value of USD 4.38 billion.
  • On the basis of end users, the Europe point-of-care testing market is segmented into hospital, clinics, ambulatory care, home healthcare, and research laboratory. Hospital segment is further categorized into emergency department critical-care unit, general ward, and others (intensive care unit, neo-natal). Also, clinic is segmented into physicians’ clinic and diagnostic clinic. In 2017, the hospital segment is expected to dominate with the market share of 32.8% and is expected to continue this trend till 2024.
  • Based on geography, the market is segmented into11 geographical regions, such as Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland and rest of Europe.

Key Drivers: Europe POCT Device Market

Some of the major factors driving the market for rising scope of POCT devices, advancement in technology, increasing incidence of chronic diseases, rising demand for self-testing point-of-care testing devices, decentralized laboratory testing, and technological advancements like microfluidic lab on a chip technology. These factors increase the demand for devices such as blood glucose meter, CRP, HBA1C, Homocystein.

Key Points: 

The Europe point-of-care testing market report contains an in-depth profiling of the key market players, along with the recent developments (new product developments, partnerships, agreements, collaborations, and joint ventures) and strategies adopted by them to sustain and strengthen their position in the market. For instance, in 2016, Health care giant Abbott Laboratories (U.S.) has  acquiredAlere Inc. (U.S.), a diagnostics-testing company  for USD 5.8 billion. The intent was to get access over Alere’s portfolio that would provide a quick diagnoses that would perform speedy test as well as can save the time and cost.

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